Hidden Costs of 'Data Theft' A Serious Issue! What You Need to Know to Be Safe

Sitting at the edge of technology, we the people of this century are blessed with all the required equipment which makes our work so easy that one could have even imagined three hundred years ago. Along with these positive sides, we must have to keep in mind that, these technologies not only elaborating our effort making life easier, but also posing high level of threat. As the main concern of VOGH is cyber domain, so here w would like to share a fact which will make you think and even make your cyber life and your personal life too uncanny. Yes, I am talking about the rising cyber threats; the more we are shedding with technologies, the more we are involving our lives with some dangerous threats and challenges. Now a days cyber criminals are every where, you don't even know, what trap has already been set for you, that can ruin your happy life. One of the big example is "Data Theft" which becoming boomerang for us. In an age of fully digitized data, consumers and businesses can lose thousands of dollars in the blink of a hacker’s eye. The costs of data theft are well known to anyone who has ever found themselves victim to financial identity or medical record fraud. What few of us realize is that the procedures required to right a financial wrong are often costlier than the crimes themselves. Lets share some interesting statistic, which will surely put terror in your mind - the economy loses an average of $22,346 for every time an identity is stolen. And to fully recuperate losses, repair credit and prosecute fraudsters, consumers, accountants, lawyers and IRS officials can spend up to 5,000 hours, the equivalent of two years of full-time work on a single case. Even so, 60% of medical record fraud victims admit that they don’t monitor their medical statements for inconsistencies.

Shocking!! Why not?

For one, most consumers don’t have time every month to file through complex medical or financial statements and check for accuracy. And secondly, the image of thousands of evil savants working around the clock to hack BOA databases sure makes a consumer feel helpless. Identity theft seems random and unpreventable–a stroke of bad luck like getting struck by lightning. If we are struck, we tell ourselves, banks, credit agencies and insurance companies are legally bound to recover our funds and correct our records.

Now lets check out a fascinating video in our Hidden Costs Series to get a deeper look at how our high-cost, high-risk data management systems really work.

Hidden Costs of Data Theft (Statistic At a Glance):-

Data theft includes financial identity theft, identity cloning, and medical identity theft. The average cost per victim was $22,346 in 2012. And the total national cost of just medical identity fraud was $41 billion in 2012. The worst part – nearly 60% of reported victims say they don’t ever check their medical records for fraud. Depending on the severity of the case, it can take over 5,000 hours (the equivalent of working a full-time job for two years) to correct the damage.

Since 1935, over 435 million social security cards have been issued. That’s over 2,175 tons of paper issued as cards, or 52,200 trees and 5 million new cards are issued every year.

Worldwide, digital warehouses storing private information, like banking and personal history, use about 30 billion watts of electricity, which equals roughly the output of 30 nuclear power plants. Data centers in the US make up almost a third of that usage, and waste 90% of the electricity they pull off the grid.

On average, 47% of victims encounter problems qualifying for a new loan and 70% have difficulty removing the negative information from their credit reports.

Over the next five years, the IRS stands to lose as much as $21 billion in revenue due to identity theft, and worldwide, businesses lose close to $221 billion a year with the US, UK, Canada and Australia ranking the highest in reported fraudulent activity.

After reading the above story carefully, many of you will feel insecure and panic. But I would like to inform you that the main purpose of sharing such important information, is to enhance carefulness, to rise cyber awareness. Many people became victim, not because of less knowledge, but of less information, less awareness. So from now onward before connecting your self into the digital world make sure that the significant & the emergent knowledge and information you have gathered from the article, should remain intact inside your brain. Trust me, if you became a bit cautious, you can easily get rid of all those cyber threats, and can enjoy the bless of technologies to make your life prosperous and happy.

So stay tuned with VOGH and also be canny, be attentive and be safe inside the digital world.

We the Team VOGH heartily thanks one of our invaluable reader and friend Emily Stewart of Insurance Quotes for the statistic and the awesome video. We love you Emily :)

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